Bluerock founder and CEO Ramin Kamfar said the acquisition was his company's first in Northeast Florida, but it won't be the last. He hopes to own 1 million square feet of space in Jacksonville.

"Jacksonville is a great market," Kamfar said. "It's one of our target markets for 2007 and beyond."

Bluerock focuses on acquiring, managing and developing sites for long-term investments. Kamfar said it bought the Summit buildings, which were built in 1988, 1989, 1991 and 1998 and total 276,400 square feet, because of their quality and their location near the intersection of J. Turner Butler Boulevard and Interstate 95.

Tampa Bay-based Colliers Arnold Commercial Real Estate Services broker John Gerlach helped Summit at Southpoint Corp. sell the buildings, which it had owned for 12 years. "These were four buildings that were extremely clean and well taken care of," Gerlach said, and that helped the Bluerock deal close smoothly.

The buildings went on the market in May for 45 days, Gerlach said, but the first deal with another investor fell through.

The property had a capitalization rate, or the rate of return used to derive the capital value of an income stream, of 7.75 percent to 8 percent and was 93 percent occupied at closing. The largest tenant is Nelnet, an education planning and financing company that occupies 115,000 to 125,000 square feet.

Summit at Southpoint had an assessed value of $21.3 million in 2005, according to the city of Jacksonville Property Appraiser's Office.

Since its founding in 2003, Bluerock has acquired $500 million worth of residential and office real estate projects in New York, Michigan and Miami. Over the next few years, Kamfar said, the company hopes to expand into other cities in Florida and the Southeast.